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British Augmented Reality Company WaveOptics To Be Acquired By Snap For Over $500M


05/23/2021


British Augmented Reality Company WaveOptics To Be Acquired By Snap For Over $500M
The owner of photo messaging app Snapchat will be able to set foot towards the future of social media where augmented reality could become pervasive by the acquisition of appropriate technology.
 
The company moved a step closer to that strategic direction as it announced its decision to acquire a British augmented reality technology company WaveOptics Ltd in a deal that is worth more than $500 million. 
 
The news of the deal was first reported by The Verge and was later also confirmed by a spokesman of Snap.
 
There is a race among social media companies including Snap and rivals such as Facebook Inc as well as technology firms such as Apple Inc for the development of augmented reality technology which has been identified as the next and new technological frontier after the development and pervasiveness of smartphone technology.
 
According to experts, the use of augmented reality powered eyewear could allow its user to virtually see route directions in front of them or even view a range of information such as about a landmark that is placed in their original surroundings.
 
About half of the $500 million for the acquisition of WaveOptics will be paid by Snap in stock at closing, the company said. It also added that the other half of the deal will be financed by the company either in cash or in stock within a time period of two years.
 
Snap is based in Santa Monica, California, in the United States while WaveOptics is headquartered in Oxford, England.
 
A new version of its Spectacles glasses was unveiled this week by Snap. The main feature of the glasses is that it is the first such device that incorporates augmented reality through two built in cameras along with two speakers and four microphones so that the effect of augmented reality is very impressive.
 
The company will not be selling the new Spectacles to the public bit will only be made available for augmented reality developers who apply to use the glasses
 
(Source:www.ndtv.com)